Here is my take before the details. I think Tesla (TSLA) stock still belongs in a long-term investor's portfolio, but only for those who can stomach an elevated price-to-earnings multiple. The China sales pop and the worldwide rollout of its driving software strengthen the bull case.

A SpaceX IPO could fundamentally change how investors perceive Tesla's stock.

Erste Group upgraded Tesla (NASDAQ:TSLA) to hold from sell on Thursday, saying recent sales trends and margin gains have improved the outlook for the electric vehicle maker. Tesla is also pushing to use more of its factory capacity and expects series production of Cybercab robotaxis and Tesla Semi truck tractors to begin this year.

Tesla (TSLA) shares edged lower on Thursday as investors weighed incremental progress in the company's autonomous driving efforts against broader weakness across technology stocks. Shares of the electric vehicle maker fell 1.

Tesla's first quarter showed a company on firmer ground than it was a year ago. Revenue rose 16% year over year to $22.4 billion, and the company's gross margin recovered to 21.1% -- up from 16.3% a year earlier and its best level in more than a year.

Key Points Tesla deliverables are down year-over-year, and it continues facing headwinds in the U.S. and European markets. As CEO Elon Musk’s feud with President Trump continues, the stock has seen heightened volatility.